While the monthly premium is generally locked in at the rate per $1000 according to the age of the older insured person, the amount of the payout shrinks as the mortgage is paid down. What does this mean for you? The cost of mortgage insurance becomes very expensive as every week passes! With our low-cost solution, upon death your beneficiary receives the full amount of coverage. And yet the premiums remain very competitive to the banks! If you are over 30 years of age and a non-smoker, your premiums just can't be beat by the banks!
When you die, the bank receives the proceeds. You cannot assign anyone else, including family members, as beneficiary. In contrast, with our solution, you appoint a beneficiary who can use the proceeds in whatever manner he/she wishes. If it is wiser to invest the proceeds rather that pay off a low interest mortgage, the beneficiary has the choice. If your family does decide to pay off the mortgage, they can keep the balance of the proceeds.
Any change to a mortgage document -- refinancing or a change of address, for instance -- opens the door to collapsing the mortgage insurance agreement with the bank. You are then required to reapply for mortgage insurance, and rates increase with age upon renewal. If your health is poor at that time, the application may be turned-down, leaving you with no protection. With our solution, your protection is guaranteed for the full length of the term, regardless of any change in your health, and is completely independent from any changes made to your mortgage, including refinancing or transferring the loan to any other lender.
Mortgage life insurance is marketed with a specific need in mind - that of paying off a major debt like a mortgage. The amount of your mortgage life insurance may represent only a part of your overall family responsibilities. Call Solutions Financial and speak with an Financial Security Advisor to determine if you are overpaying for protection, or to determine if you are protected appropriately.